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Offshore Drilling Rigs Market by Type, Application, and Geography - Forecast and Analysis 2023-2027

  • Published: Jan 2023
  • Pages: 165
  • SKU: IRTNTR43969
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The offshore drilling rigs market is estimated to grow at a CAGR of 3.16% between 2022 and 2027. The size of the market is forecast to increase by USD 2,821.26 million. The growth of the market depends on serval factors, including rising investments in the upstream oil and gas sector, the high potential of offshore marginal fields, and new oil and gas exploration policies.

This report extensively covers market segmentation by type (bottom-supported rigs and floating rigs), application (shallow water, deepwater, and ultra-deepwater), and geography (North America, Middle East and Africa, Europe, APAC, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Offshore Drilling Rigs Market During the Forecast Period?

Offshore Drilling Rigs Market Size

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Parent Market Analysis

The reports categorize the global offshore drilling rigs market as a part of the global oilfield equipment and services within the global oil and gas market. The global oilfield equipment and services market covers products and companies engaged in upstream exploration and production (E&P) operations, production of equipment or service contracts, and is an important manufacturing sector that caters to the needs of the oil and gas upstream sector. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Offshore Drilling Rigs Market: Key Drivers, Trends, Challenges, and Customer Landscape

The rising investments in the upstream oil and gas sector are notably driving the market growth, although factors such as uncertainty associated with low crude oil prices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Offshore Drilling Rigs Market Driver

The rising investments in the upstream oil and gas sector are notably driving market growth. Energy security is becoming a critical factor in most countries owing to population growth and rapid industrialization. Therefore, many countries are exploring untapped oil and gas resources using advanced technologies. Moreover, the production of oil and natural gas from conventional oilfields is declining.

To address this issue and maximize the revenue from oilfields, oil and gas operators are increasing their investments in mature oil and gas fields. Oil and gas E&P companies are also increasing their upstream investments to boost their production. Thus, the increasing investments in the upstream oil and gas sector are likely to boost oil and gas E&P activities, which, in turn, will drive the demand for offshore drilling rigs during the forecast period.

Significant Offshore Drilling Rigs Market Trend

Technological advances in Mobile offshore drilling units (MODUs) are the primary trend in the market. MODUs are structures or vessels that are used in offshore drilling operations for the E&P of subsea oil and gas resources. These include drill ships, jack-up rigs, and semi-submersible rigs, which can be moved in marine waters from one well to the other for oil and gas drilling operations.

Technological advancements improve production efficiency and, thus, drive a reduction in operating costs and improve the profit margins of oil and gas E and P companies. Technological advancements in MODUs will complement the efficiency of E and P operations and the safety of oil and gas E and P operations in offshore oilfields. Technological improvements in offshore drilling rigs help upstream oil and gas companies boost oilfield production from offshore reserves. Thus, technical advancements in MODUs will support the growth of the market during the forecast period.

Major Offshore Drilling Rigs Market Challenge

The uncertainty associated with low crude oil prices is the major challenge impeding market growth. The price of crude oil has witnessed significant fluctuations in the recent past. Crude oil and natural gas prices are uncertain. Frequent fluctuations in global crude oil prices disrupt various activities in the oil and gas value chain.

These fluctuations affect the future outlook of the E&P enterprises involved and hence affect investments. The profitability of companies is also reduced, with many registering significant losses. Hence, the uncertainty associated with the price of crude oil can affect the growth of the market during the forecast period.

Key Offshore Drilling Rigs Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Offshore Drilling Rigs Market Share by Geography

Global Offshore Drilling Rigs Market Customer Landscape

Who are the Major Offshore Drilling Rigs Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Parker Drilling Co. - The company offers offshore drilling rig solutions such as Parker Rig 15B, Parker Rig 30B, Parker Rig 72B. This segment focuses on providing offshore and onshore contract drilling and drilling related services.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

  • Archer Ltd.
  • China Oilfield Services Ltd.
  • Diamond Offshore Drilling Inc.
  • Helmerich and Payne Inc.
  • KCA Deutag Alpha Ltd.
  • Nabors Industries Ltd.
  • Noble Corp. Plc
  • NOV Inc.
  • Patterson UTI Energy Inc.
  • PR Marriott Drilling Ltd.
  • Precision Drilling Corp.
  • SAIPEM SpA
  • Schlumberger Ltd.
  • Seadrill Ltd.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Offshore Drilling Rigs Market?

The market share growth of the bottom-supported rigs segment will be significant during the forecast period.  In 2022, the bottom-supported rigs segment held a major share of the market due to the high adoption of jack-up rigs. Jack-up rigs can be classified into high-specification rigs, standard rigs, and harsh environment rigs. The increasing focus on oil discovery activities in Alaska and Scotland will increase the demand for high-specification and harsh environment jack-up rigs during the forecast period. 

Offshore Drilling Rigs Market Size

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The bottom-supported rigs segment was valued at USD 11,670.46 million in 2017 and continue to grow by 2021Bottom-supported rigs offer more stability and a motion-free platform during operations as they are fixed to the seabed. They can also be mobilized relatively quickly and easily. They can be upgraded according to requirements. This increases their lifespan and equips them with the latest technology. Due to the common availability of jack-up rigs, the low-cost mobilization, and their relatively inexpensive construction cost when compared with floating rigs, jack-up rigs are preferred for depths of up to 500 feet. The increasing number of exploration and production activities across the world will increase the demand for bottom-supported rigs during the forecast period. 

Which are the Key Regions for the Offshore Drilling Rigs Market?

Offshore Drilling Rigs Market Share by Geography

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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

The US contributes most of the revenue to the market in North America. The market in North America is expected to grow at a steady rate during the forecast period. The major contributors of revenue to the market in the region are the US, Canada, and Mexico. The growth of the market in the region is driven by increased drilling activities. The discovery of new oil and gas reserves in Alaska will increase the demand for offshore drilling rigs in the region. 

The restrictions imposed to curb the spread of COVID-19 led to a sharp decrease in crude oil prices and the demand for US liquid fuels during the second quarter of 2020-2021.  However, with the resumption of operations in the oil and gas industry and the initiation of large-scale COVID-19 vaccination drives, the regional market showed steady growth in 2021. These measures will encourage the development of new offshore oil and gas projects and increase the need for drilling rigs in North America. Thus, the market is expected to grow in the region during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

  • Type Outlook (USD Million, 2017 - 2027)
    • Bottom-supported rigs
    • Floating rigs
  • Application Outlook (USD Million, 2017 - 2027)
    • Shallow water
    • Deepwater
    • Ultra-deepwater
  • Region Outlook (USD Million, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Brazil
      • Argentina

Offshore Drilling Rigs Market Scope

Report Coverage

Details

Page number

165

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 3.16%

Market growth 2023-2027

USD 2,821.26 million

Market structure

Fragmented

YoY growth 2022-2023(%)

2.15

Regional analysis

North America, Middle East and Africa, Europe, APAC, and South America

Performing market contribution

North America at 35%

Key countries

US, Saudi Arabia, China, Russia, and Brazil

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Archer Ltd., China Oilfield Services Ltd., Diamond Offshore Drilling Inc., Helmerich and Payne Inc., KCA Deutag Alpha Ltd., Nabors Industries Ltd., Noble Corp. Plc, NOV Inc., Parker Drilling Co., Patterson UTI Energy Inc., PR Marriott Drilling Ltd., Precision Drilling Corp., SAIPEM SpA, Schlumberger Ltd., Seadrill Ltd., Stena AB, Transocean Ltd., Valaris Plc, and Weatherford International Plc

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

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What are the Key Data Covered in this Offshore Drilling Rigs Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the offshore drilling rigs market between 2023 and 2027
  • Precise estimation of the offshore drilling rigs market size and its contribution to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the industry across North America, Middle East and Africa, Europe, APAC, and South America
  • Thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of offshore drilling rigs market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global offshore drilling rigs market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global offshore drilling rigs market 2017 - 2021 ($ million)
    • 4.2 Types Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Types Segment 2017 - 2021 ($ million)
    • 4.3 Applications Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Applications Segment 2017 - 2021 ($ million)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Type

    • 6.1 Market segments
      • Exhibit 30: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Type - Market share 2022-2027 (%)
    • 6.2 Comparison by Type
      • Exhibit 32: Chart on Comparison by Type
      • Exhibit 33: Data Table on Comparison by Type
    • 6.3 Bottom-supported rigs - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Bottom-supported rigs - Market size and forecast 2022-2027 ($ million)
      • Exhibit 35: Data Table on Bottom-supported rigs - Market size and forecast 2022-2027 ($ million)
      • Exhibit 36: Chart on Bottom-supported rigs - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Bottom-supported rigs - Year-over-year growth 2022-2027 (%)
    • 6.4 Floating rigs - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Floating rigs - Market size and forecast 2022-2027 ($ million)
      • Exhibit 39: Data Table on Floating rigs - Market size and forecast 2022-2027 ($ million)
      • Exhibit 40: Chart on Floating rigs - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Floating rigs - Year-over-year growth 2022-2027 (%)
    • 6.5 Market opportunity by Type
      • Exhibit 42: Market opportunity by Type ($ million)

    7 Market Segmentation by Application

    • 7.1 Market segments
      • Exhibit 43: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 44: Data Table on Application - Market share 2022-2027 (%)
    • 7.2 Comparison by Application
      • Exhibit 45: Chart on Comparison by Application
      • Exhibit 46: Data Table on Comparison by Application
    • 7.3 Shallow water - Market size and forecast 2022-2027
      • Exhibit 47: Chart on Shallow water - Market size and forecast 2022-2027 ($ million)
      • Exhibit 48: Data Table on Shallow water - Market size and forecast 2022-2027 ($ million)
      • Exhibit 49: Chart on Shallow water - Year-over-year growth 2022-2027 (%)
      • Exhibit 50: Data Table on Shallow water - Year-over-year growth 2022-2027 (%)
    • 7.4 Deepwater - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Deepwater - Market size and forecast 2022-2027 ($ million)
      • Exhibit 52: Data Table on Deepwater - Market size and forecast 2022-2027 ($ million)
      • Exhibit 53: Chart on Deepwater - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Deepwater - Year-over-year growth 2022-2027 (%)
    • 7.5 Ultra-deepwater - Market size and forecast 2022-2027
      • Exhibit 55: Chart on Ultra-deepwater - Market size and forecast 2022-2027 ($ million)
      • Exhibit 56: Data Table on Ultra-deepwater - Market size and forecast 2022-2027 ($ million)
      • Exhibit 57: Chart on Ultra-deepwater - Year-over-year growth 2022-2027 (%)
      • Exhibit 58: Data Table on Ultra-deepwater - Year-over-year growth 2022-2027 (%)
    • 7.6 Market opportunity by Application
      • Exhibit 59: Market opportunity by Application ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 61: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 62: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 63: Chart on Geographic comparison
      • Exhibit 64: Data Table on Geographic comparison
    • 9.3 North America - Market size and forecast 2022-2027
      • Exhibit 65: Chart on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 66: Data Table on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 67: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 68: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.4 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 69: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 70: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 71: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 72: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.5 Europe - Market size and forecast 2022-2027
      • Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.6 APAC - Market size and forecast 2022-2027
      • Exhibit 77: Chart on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 78: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 79: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 80: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.7 South America - Market size and forecast 2022-2027
      • Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.8 US - Market size and forecast 2022-2027
      • Exhibit 85: Chart on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 86: Data Table on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.9 China - Market size and forecast 2022-2027
      • Exhibit 89: Chart on China - Market size and forecast 2022-2027 ($ million)
      • Exhibit 90: Data Table on China - Market size and forecast 2022-2027 ($ million)
      • Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.10 Saudi Arabia - Market size and forecast 2022-2027
      • Exhibit 93: Chart on Saudi Arabia - Market size and forecast 2022-2027 ($ million)
      • Exhibit 94: Data Table on Saudi Arabia - Market size and forecast 2022-2027 ($ million)
      • Exhibit 95: Chart on Saudi Arabia - Year-over-year growth 2022-2027 (%)
      • Exhibit 96: Data Table on Saudi Arabia - Year-over-year growth 2022-2027 (%)
    • 9.11 Brazil - Market size and forecast 2022-2027
      • Exhibit 97: Chart on Brazil - Market size and forecast 2022-2027 ($ million)
      • Exhibit 98: Data Table on Brazil - Market size and forecast 2022-2027 ($ million)
      • Exhibit 99: Chart on Brazil - Year-over-year growth 2022-2027 (%)
      • Exhibit 100: Data Table on Brazil - Year-over-year growth 2022-2027 (%)
    • 9.12 Russia - Market size and forecast 2022-2027
      • Exhibit 101: Chart on Russia - Market size and forecast 2022-2027 ($ million)
      • Exhibit 102: Data Table on Russia - Market size and forecast 2022-2027 ($ million)
      • Exhibit 103: Chart on Russia - Year-over-year growth 2022-2027 (%)
      • Exhibit 104: Data Table on Russia - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 105: Market opportunity by geography ($ million)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 106: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 107: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 108: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 109: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 110: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 111: Matrix on vendor position and classification
            • 12.3 Archer Ltd.
              • Exhibit 112: Archer Ltd. - Overview
              • Exhibit 113: Archer Ltd. - Business segments
              • Exhibit 114: Archer Ltd. - Key offerings
              • Exhibit 115: Archer Ltd. - Segment focus
            • 12.4 China Oilfield Services Ltd.
              • Exhibit 116: China Oilfield Services Ltd. - Overview
              • Exhibit 117: China Oilfield Services Ltd. - Business segments
              • Exhibit 118: China Oilfield Services Ltd. - Key offerings
              • Exhibit 119: China Oilfield Services Ltd. - Segment focus
            • 12.5 Diamond Offshore Drilling Inc.
              • Exhibit 120: Diamond Offshore Drilling Inc. - Overview
              • Exhibit 121: Diamond Offshore Drilling Inc. - Product / Service
              • Exhibit 122: Diamond Offshore Drilling Inc. - Key offerings
            • 12.6 Helmerich and Payne Inc.
              • Exhibit 123: Helmerich and Payne Inc. - Overview
              • Exhibit 124: Helmerich and Payne Inc. - Business segments
              • Exhibit 125: Helmerich and Payne Inc. - Key offerings
              • Exhibit 126: Helmerich and Payne Inc. - Segment focus
            • 12.7 KCA Deutag Alpha Ltd.
              • Exhibit 127: KCA Deutag Alpha Ltd. - Overview
              • Exhibit 128: KCA Deutag Alpha Ltd. - Business segments
              • Exhibit 129: KCA Deutag Alpha Ltd. - Key news
              • Exhibit 130: KCA Deutag Alpha Ltd. - Key offerings
              • Exhibit 131: KCA Deutag Alpha Ltd. - Segment focus
            • 12.8 Nabors Industries Ltd.
              • Exhibit 132: Nabors Industries Ltd. - Overview
              • Exhibit 133: Nabors Industries Ltd. - Business segments
              • Exhibit 134: Nabors Industries Ltd. - Key news
              • Exhibit 135: Nabors Industries Ltd. - Key offerings
              • Exhibit 136: Nabors Industries Ltd. - Segment focus
            • 12.9 Noble Corp. Plc
              • Exhibit 137: Noble Corp. Plc - Overview
              • Exhibit 138: Noble Corp. Plc - Business segments
              • Exhibit 139: Noble Corp. Plc - Key news
              • Exhibit 140: Noble Corp. Plc - Key offerings
              • Exhibit 141: Noble Corp. Plc - Segment focus
            • 12.10 NOV Inc.
              • Exhibit 142: NOV Inc. - Overview
              • Exhibit 143: NOV Inc. - Business segments
              • Exhibit 144: NOV Inc. - Key offerings
              • Exhibit 145: NOV Inc. - Segment focus
            • 12.11 Parker Drilling Co.
              • Exhibit 146: Parker Drilling Co. - Overview
              • Exhibit 147: Parker Drilling Co. - Product / Service
              • Exhibit 148: Parker Drilling Co. - Key offerings
            • 12.12 Patterson UTI Energy Inc.
              • Exhibit 149: Patterson UTI Energy Inc. - Overview
              • Exhibit 150: Patterson UTI Energy Inc. - Business segments
              • Exhibit 151: Patterson UTI Energy Inc. - Key news
              • Exhibit 152: Patterson UTI Energy Inc. - Key offerings
              • Exhibit 153: Patterson UTI Energy Inc. - Segment focus
            • 12.13 PR Marriott Drilling Ltd.
              • Exhibit 154: PR Marriott Drilling Ltd. - Overview
              • Exhibit 155: PR Marriott Drilling Ltd. - Product / Service
              • Exhibit 156: PR Marriott Drilling Ltd. - Key offerings
            • 12.14 Precision Drilling Corp.
              • Exhibit 157: Precision Drilling Corp. - Overview
              • Exhibit 158: Precision Drilling Corp. - Business segments
              • Exhibit 159: Precision Drilling Corp. - Key offerings
              • Exhibit 160: Precision Drilling Corp. - Segment focus
            • 12.15 SAIPEM SpA
              • Exhibit 161: SAIPEM SpA - Overview
              • Exhibit 162: SAIPEM SpA - Business segments
              • Exhibit 163: SAIPEM SpA - Key offerings
              • Exhibit 164: SAIPEM SpA - Segment focus
            • 12.16 Transocean Ltd.
              • Exhibit 165: Transocean Ltd. - Overview
              • Exhibit 166: Transocean Ltd. - Product / Service
              • Exhibit 167: Transocean Ltd. - Key offerings
            • 12.17 Valaris Plc
              • Exhibit 168: Valaris Plc - Overview
              • Exhibit 169: Valaris Plc - Business segments
              • Exhibit 170: Valaris Plc - Key offerings
              • Exhibit 171: Valaris Plc - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 172: Inclusions checklist
                • Exhibit 173: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 174: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 175: Research methodology
                • Exhibit 176: Validation techniques employed for market sizing
                • Exhibit 177: Information sources
              • 13.5 List of abbreviations
                • Exhibit 178: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Offshore Drilling Rigs market growth will increase by $3.92 billion during 2019-2024.
              The offshore drilling rigs market is expected to grow at a CAGR of 3.74% during 2019-2024.
              Technavio has segmented the offshore drilling rigs market by type (Bottom-supported rigs and Floating rigs) and geographic (APAC, MEA, North America, Europe, and South America).
              Archer Ltd., China Oilfield Services Ltd., Helmerich & Payne Inc., KCA Deutag Alpha Ltd., Nabors Industries Ltd., Noble Corp. Plc, Patterson-UTI Energy Inc., Transocean Ltd., Valaris Plc, Weatherford International Plc are a few of the key vendors in the offshore drilling rigs market.
              APAC will register the highest growth rate of 41.58% among the other regions. Therefore, the offshore drilling rigs market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the offshore drilling rigs market growth are:
              • Increase in deepwater and ultra-deepwater drilling activities
              The offshore drilling rigs market vendors should focus on grabbing business opportunities from the bottom-supported rigs segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
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